Market / MetaTrader 5 / Indicators /

Reversal Candle Finder

30 USD

Demo downloaded: 12

Published: 24 September 2023

Current version: 1.4

Reversal Candle Finder

Indicators
Dani Todorov Marinov
Version: 1.4
Updated: 26 September 2023
Activations: 5

The Candlestick Reversal Alert for MT5 is your ultimate tool for identifying potential trend reversals in the financial markets. This powerful indicator is designed exclusively for MetaTrader 5 (MT5) and is packed with features to help you stay ahead of market movements.

Key Features:

Customizable Reversal Criteria: Tailor the indicator to your trading style by adjusting parameters such as lower wick size, top wick size, and top wick percentage.
Historical Analysis: Specify how many historical candles to scan for reversal patterns, making it versatile for both short-term and long-term traders.
Push Notifications: Receive instant push notifications on your mobile MetaTrader 5 app whenever a reversal candle pattern is detected. Stay connected to the markets, even on the go.
Alert Customization: Choose your preferred way of staying informed. You can enable or disable alerts and push notifications based on your needs.
Efficiency and Precision: Let the indicator do the heavy lifting by scanning the charts for you. It's designed to provide timely alerts about potential trading opportunities.

Customizable Inputs:

WickMultiplier:
- Description: This multiplier helps find candlestick patterns by measuring how much larger the wick is compared to the candlestick's body. A higher value makes larger wicks more significant for pattern detection.
MaxOpenCloseDifferencePercentage:
- Description: This parameter limits how much the opening and closing prices can differ, expressed as a percentage of the instrument's price. It ensures that patterns are detected only when the price difference falls within a specific percentage range.
OppositeWickMultiplier:
- Description: It determines how much smaller the opposite wick should be compared to the main wick in a candlestick pattern. A smaller value makes the opposite wick a more critical factor in recognizing patterns.
- OppositeWickMultiplier is set to 0.25, it means that the opposite wick (e.g., the upper wick for a bullish pattern) should be no larger than 25% of the size of the main wick (e.g., the lower wick for a bullish pattern). A smaller value here places more emphasis on the relative size of the opposite wick when identifying patterns.

Look-Back Candles (LookBackCandles): Specify the number of historical candles the indicator should scan for reversal patterns. This feature is versatile for both short-term and long-term traders.
Send Push Notifications (SendNotifications): Enable or disable push notifications to your mobile MetaTrader 5 app when a reversal pattern is detected. Stay connected to the markets, even on the go.
Send Alerts (SendAlerts): Choose whether to enable or disable alerts within the MetaTrader 5 platform. Tailor your experience to match your preferred method of receiving alerts.
Use History (UseHistory): Toggle this feature on or off to prevent the indicator from repeating old notifications and alerts when the MetaTrader terminal reconnects.

How It Works:

The Candlestick Reversal Alert for MT5 monitors every candle in your selected historical range, checking for specific reversal patterns based on your customized criteria. When a significant reversal pattern is identified, it generates a push notification to your mobile MT5 app or an alert within the platform, bringing your attention to potential trading opportunities.

Why Choose This Indicator:

Exclusively for MT5: This indicator is tailored for MetaTrader 5, ensuring compatibility and seamless integration.
Customization: Fine-tune the indicator to match your unique trading strategy. Adjust wick sizes and other parameters to suit your preferences.
Stay Informed on the Go: With push notifications, you can stay connected to the markets no matter where you are, ensuring you never miss an opportunity.

Note: This is a non-visual indicator designed to provide you with timely alerts and notifications. It's not intended for chart analysis or visual trading. The Candlestick Reversal Alert for MT5 is your reliable partner for staying on top of market reversals.

Unlock the potential of your trading strategy with the Candlestick Reversal Alert for MT5 and gain the advantage you need in today's fast-paced financial markets.

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Version 1.4 2023.09.26

Change Log - Version 1.4

Bug Fixes:

Fixed a bug related to incorrect wick multiplier calculations, ensuring accurate pattern detection.
Corrected a bug where the opposite wick multiplier was calculated incorrectly, improving pattern recognition accuracy.
Parameter Change:

Replaced the input and calculation method for the opposite wick size. Instead of using "opposite wick %" as an input, the indicator now uses "opposite wick multiplier." This change offers more precise control over pattern recognition.
Added Print Feature:

Implemented a new feature that allows users to view the values of every detected candle. This addition enhances transparency and aids users in understanding how patterns are identified.
These changes enhance the reliability and usability of the indicator, addressing previous calculation issues, providing more control over parameters, and offering improved visibility into the detected candlestick patterns.

Version 1.3 2023.09.25

Precision Improvements

Fixed Bugs; Now indicator detect only closed candles!

Version 1.1 2023.09.24

Fixed some small issue where with history feature.